Intertemporal Rules with Variable Speed of Adjustment: An Application to U.K. Manufacturing Employment
AbstractThis paper presents a procedure to estimate intertemporal dynamic decision rules where adjustment costs are assumed to be variable. The estimation is based on the Euler equation. For purposes of illustration, the authors concentrate on an employment function for the U.K. manufacturing sector where they find very significant effects of some variables that influence adjustment costs. Finally, they point out an empirical result that has interesting implications when evaluating tests of "efficient bargain" models. Copyright 1989 by Royal Economic Society.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 99 (1989)
Issue (Month): 396 (June)
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